Financial Crime World

Cybercrime on the Rise in Israeli Finance Sector

Israel’s Strong Reputation in Cybersecurity Innovation

TEL AVIV, ISRAEL - Despite being a hub for cybersecurity innovation, with many startups and companies offering cutting-edge solutions to protect against cyber threats, Israel is not immune to the growing threat of cybercrime.

According to a government survey conducted in 2021, information theft or illegal use or distribution of data was the most common type of cybercrime reported in Israel. The survey also found that both men and women were equally targeted by cybercriminals, with 6.9% of men and 6% of women reporting being victims of cybercrime.

Financial Sector at Risk

The financial sector is particularly vulnerable to cyber attacks, as it handles sensitive personal and financial information. In recent years, several major banks in Israel have fallen victim to cyber attacks, resulting in significant losses and damage to their reputation.

Israel’s Strengths in Cybersecurity

Despite the growing threat of cybercrime, Israel remains a leader in the field of cybersecurity. The country is home to many successful startups and companies, including Check Point, which is one of the most successful cybersecurity companies globally.

Industry Growth and Investment

According to IVC Research Center, the number of exits of cybersecurity companies in Tel Aviv reached 23 in 2021, with many exit deals involving significant sums of money. The revenue of the cybersecurity market in Israel is expected to reach $1.43 billion by 2028, according to estimates.

  • Investments in local cybersecurity companies reached $2.2 billion in 2021
  • Number of exits of cybersecurity companies in Tel Aviv: 23 (2021)
  • Revenue of the cybersecurity market in Israel: $1.43 billion (estimated for 2028)

Government Initiatives

To combat the growing threat of cybercrime, Israeli authorities have launched several initiatives aimed at increasing awareness and improving cybersecurity measures. The government has also invested heavily in research and development, with a focus on developing new technologies to protect against cyber threats.

Conclusion

While Israel is facing a significant threat from cybercrime, the country’s strong cybersecurity industry and innovative startups are well-positioned to help combat this growing menace. With continued investment in research and development, as well as increased awareness and education, Israel can continue to be a leader in the field of cybersecurity and protect its citizens and businesses from the threats of cybercrime.